Thrivent Financial for Lutherans Trims Stake in Targa Resources Corp. (NYSE:TRGP)

Thrivent Financial for Lutherans reduced its position in Targa Resources Corp. (NYSE:TRGP – Get Rating) by 89.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 9,695 shares of the pipeline company’s stock after selling 80,399 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Targa Resources were worth $713,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Ellevest Inc. grew its stake in Targa Resources by 122.9% in the 4th quarter. Ellevest Inc. now owns 350 shares of the pipeline company’s stock worth $26,000 after acquiring an additional 193 shares in the last quarter. MinichMacGregor Wealth Management LLC bought a new position in Targa Resources in the 4th quarter worth about $31,000. Fred Alger Management LLC bought a new position in Targa Resources in the 3rd quarter worth about $56,000. Counterpoint Mutual Funds LLC bought a new position in Targa Resources in the 4th quarter worth about $105,000. Finally, Covestor Ltd grew its stake in Targa Resources by 91.8% in the 1st quarter. Covestor Ltd now owns 1,429 shares of the pipeline company’s stock worth $108,000 after acquiring an additional 684 shares in the last quarter. 88.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on TRGP. Royal Bank of Canada dropped their target price on shares of Targa Resources from $110.00 to $104.00 in a research note on Monday, May 8th. Wells Fargo & Company increased their price objective on shares of Targa Resources from $89.00 to $94.00 and gave the company an “overweight” rating in a research note on Wednesday, March 1st. Mizuho increased their price objective on shares of Targa Resources from $95.00 to $99.00 and gave the company a “buy” rating in a research note on Tuesday, April 11th. Barclays increased their price objective on shares of Targa Resources from $87.00 to $92.00 in a research note on Tuesday, April 18th. Finally, StockNews.com initiated coverage on shares of Targa Resources in a research note on Thursday, May 18th. They set a “hold” rating on the stock. One equities research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $100.27.

Targa Resources Trading Down 0.2 %

NYSE TRGP opened at $70.84 on Thursday. The company has a fifty day simple moving average of $72.48 and a two-hundred day simple moving average of $73.18. The stock has a market cap of $16.01 billion, a P/E ratio of 18.35 and a beta of 2.28. Targa Resources Corp. has a 12-month low of $55.56 and a 12-month high of $80.40. The company has a current ratio of 0.66, a quick ratio of 0.60 and a debt-to-equity ratio of 2.59.

Targa Resources (NYSE:TRGP – Get Rating) last posted its quarterly earnings results on Wednesday, February 22nd. The pipeline company reported $1.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.29 by $0.09. The business had revenue of $4.55 billion during the quarter, compared to analysts’ expectations of $5.38 billion. Targa Resources had a net margin of 5.43% and a return on equity of 24.05%. On average, analysts forecast that Targa Resources Corp. will post 5.54 earnings per share for the current year.

Targa Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, May 15th. Shareholders of record on Friday, April 28th were issued a $0.50 dividend. The ex-dividend date was Thursday, April 27th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.82%. This is a boost from Targa Resources’s previous quarterly dividend of $0.35. Targa Resources’s dividend payout ratio (DPR) is currently 51.81%.

Targa Resources Company Profile

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Targa Resources Corp. provides midstream natural gas and natural gas liquids services. It also provides gathering, storing, and terminaling crude oil, and storing, terminaling, and selling refined petroleum products. It operates through the following business segments: Gathering and Processing, and Logistics and Transportation.